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Restaurant Group gets loan covenant waiver, cuts executive pay, shrinks board

By BFN News | 07:09 AM | Monday 06 April, 2020


Wagamama and Frankie & Benny's owner Restaurant Group said its lenders had waived covenant tests for the half year. Santander had also increased the size of a revolving credit facility to Wagamama to £35m from £20m. Chief executive Andy Hornby had agreed to a 40% cut in his base salary for the three months commencing 1 April, while chief financial officer Kirk Davis had taken a 20% cut. They had also agreed to forgo their bonuses. The company's non-executive directors had proposed to reduce their fees with effect from 1 April by 40%, with the arrangement to be reviewed on 1 July. In addition, Restaurant Group said it would shrink the number of non-executive directors on its board to five from six, with Mike Tye offering to stand down with immediate effect. Story provided by StockMarketWire.com

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